DIVERSIFIED REAL ESTATE:
Arrowhead runs into dissent on remuneration
Arrowhead Properties, which has forecast that its dividend will shrink in the year to September, is facing criticism over its remuneration policy. Nearly a quarter of the shareholders at its annual general meeting on Tuesday voted against the diversified real estate group’s remuneration policy. As much as 22.51% voted against and 5.4% abstained. Of the 662,539,212 shares voted for, 513,407,880 (77.49%) voted in favour of the remuneration policy. Robert Lewenson, head of environmental, social and governance engagement at Old Mutual Investment Group, said the group had voted against the remuneration policy after a "detailed engagement" about the practices prior to the meeting. "We acknowledged that they are a company in transition since the unfortunate passing of former CEO Gerald Leissner and offered to assist them in ensuring their remuneration policy is better linked to value creation and the board welcomed our approach and openness to discuss," he said. "We will hopefully be able ...
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